Euro Technical Major Currencies (2010-08-03)

By IBT Staff Reporter On 08/03/10 AT 1:43 AM

Morning Report

The pair extended its rise within the short-term ascending channel while finding difficulties in surpassing 1.3190 levels affected by the negative sings from the momentum indicator, slight downside correction might take the pair to 1.3105 before rising once more and achieve its intraday bullish direction in order to test the pivotal resistance levelsof 1.3250; where breaching those levels would pave the way for additional short-term bullish movements.

The trading range for today is among the key support at 1.3030 and the key resistance at 1.3450.

The short term trend is to the downside as far as 1.1700 remains intact with targets at 1.3770.

Previous Report

Weekly Report

Support

1.3105

1.3030

1.2990

1.2945

1.2910

Resistance

1.3195

1.3250

1.3325

1.3355

1.3380

Recommendation

Based on the charts and explanations above our opinion is buying the pair around 1.3105 targeting 1.3250 and stop loss below 1.3030, might be appropriate.